Page 7 - Banking Finance June 2017

BANK UPDATE

BANKING

NEWS
NEWS
NEWS
NEWS
NEWS

Demonetisation to result India Post Payment Bank for all 650 districts by this
in gains in long run: IMF year

The International Monetary Fund The India Post Payment Bank (IPPB) more ATMs by tie-ups with other banks.
visualizes plans to open 650 It is planned to recruit
demonetization branches this year. 55,000 Gramin Dak
to benefit in The first two Sevaks and the pro-
medium- to branches of IPPB cess for filling 14,406
long-term were inaugurated in vacancies has been
to the Indian economy. The economy January at Ranchi and initiated.
would benefit from the widened tax Raipur.
base, enhancing the liquidity with ``The Speed post facility will be made
banks and greater digitization and e- "We intend to open at least one branch available in all branch post offices
in every district across the country. Each
commerce. across the country by end of April,''
branch will be networked with the
Sudhakar said. The revenue from speed
Loan for Home Repairs 1,200-1,500 post offices in the district," post services had gone up from Rs. 1605
said BV Sudhakar, Secretary, Depart-
IB Home Enrich - a new home loan crores during 2015-16 to Rs. 1740
product for ment of Posts, at a press conference crores in 2016-17.
repairs and here. Passport Seva Kendra
renovation of Asked if such a ramp-up was possible in It is planned to open Post office pass-
your house can be a short span of time, the official said: port Seva Kendras in all 811 head post
borrowed from "Technology will allow us to do so. By offices across the country in country by
the Indian Bank. Customers can avail December 2017, we will integrate core March 2018. Currently the service is
this loan up to 36 times their gross system software, including core bank- available in 42 post offices. Since Janu-
monthly income, subject to a maximum ing, postal operations and savings bank, ary, 31,500 passports have been issued.
of Rs. 10 lakhs. No mortgaging of house which will also help us." ``Apart from convenience to people,
property is required under this loan ATM issue of passports could bring us (pro-
facility. Loan facility can be availed The Department has 978 standalone jected) revenue of Rs. 750 crore,''
against liquid securities like LIC, NSC and
ATMs now and it expects to install Sudhakar said.
term deposit.
Exemption up to Rs. 30,000 under RBL reports 55% rise in profit
Section 24 of the IT Act would be RBL Bank Ltd ( formerly known as Ratnakar Bank) announced a 55% increase in
available on interest amount of the profit for the March quarter on higher interest income. Profit rose to Rs.130.13
loan availed. crore in the 3 months to March from Rs. 84.18 crore in previous year.

BANKING FINANCE | JUNE | 2017 | 7

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